WASHINGTON—Financial regulators have assured President Joe Biden the U.S. financial system is in good shape and that financial risks are being mitigated by strong liquidity in the banking system.
White House officials said Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and acting Comptroller of the Currency Michael Hsu, as well as the heads of the Commodity Futures Trading Commission, Securities and Exchange Commission, and the Consumer Financial Protection Bureau, were among those who met Biden to provide the update, according to Reuters.
The meeting was Biden's first face-to-face encounter with many of the leading federal regulators of the banking industry and financial markets, including Powell. The Fed chief was appointed by former President Donald Trump.
"The regulators reported that the financial system is in strong condition. They further indicated that financial risks are being mitigated by robust capital and liquidity levels in the banking system, and healthy household balance sheets stemming from fiscal support and the ongoing economic recovery," the White House said in a statement.